市场分割与实体企业的脱实向虚

Market Segmentation and Corporate Shifting from the Real to Virtual Economy

国内市场分割是对内循环的重大阻碍,其对经济的影响在当前“加快建设全国统一大市场”的现实背景下尤为突出。文章选取2007~2019年中国沪深A股上市公司作为样本,检验市场分割对企业金融化水平的影响及其作用机制。研究发现,国内市场分割提高了企业的金融化水平,特别是对长期金融资产的持有。随后的机制检验发现,市场分割通过对内提高交易成本、对外阻碍异地子公司设立两个路径提高了企业的金融化水平。同时,文章还进一步分析了市场分割下的企业金融化会对企业实体投资带来何种影响。研究发现,市场分割下的企业金融化能够改善经营业绩,但对实体投资形成“挤出效应”。文章结论表明,当前国内存在的市场分割现象会导致企业降低实体投资,提高对金融资产的配置,从而加剧企业的“脱实向虚”倾向。

Unified National Market is an important long-term strategy,but the development of the unified national market is still subject to many obstacles.This paper examines the impact of market segmentation on corporate financialization.The research shows that t market segmentation can increase the proportion of financial assets,especially the long-run financial assets.Specially,we find that transaction cost and nonlocal subsidiaries can explain the significant effects of market segmentation on corporate financialization.Finally,the corporate financialization held by market segmentation has a significant"crowding out"effect on their real capital investment,though it can improve the performance of the corporate.These conclusions help understand how to break market segmentation,guide enterprises toward the real economy,and promote the domestic circulation.This paper shows that market segmentation will make enterprises neglect the real investment opportunities and increase the allocation of financial assets,thus intensifying the tendency of enterprises to shift from the real to virtual economy.